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R-954
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Last modified
8/8/2011 11:22:21 AM
Creation date
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Department
City Clerk
General - Type
Resolutions
General 2 - Date
3/1/2011
Number
R-954
Description
Reimbursement of Qualified expenditures bond proceed downtown airport Hunter Park Northside RDA
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RESOLUTION NO. 954 <br />REIMBURSEMENT RESOLUTION OF THE BOARD OF <br />DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY <br />OF RIVERSIDE REGARDING REIMBURSEMENT OF QUALIFIED <br />EXPENDITURES FROM BOND PROCEEDS ON A MERGED <br />DOWNTOWN /AIRPORT INDUSTRIAL — HUNTER <br />PARK/NORTHSIDE REDEVELOPMENT PROJECT AREA <br />FINANCED PROJECT. <br />WHEREAS, the Redevelopment Agency of the City of Riverside (the <br />"Agency ") desires and intends to pay the cost for the rehabilitation of the Municipal <br />Auditorium located in the Merged Downtown/Airport Industrial — Hunter <br />Park/Northside Redevelopment Project Area (the "Project "); and <br />WHEREAS, the Agency intends to make capital expenditures from the Merged <br />Downtown/Airport Industrial — Hunter Park/Northside Project Area Fund, in the <br />maximum principal amount ( "MPA ") of Ten Million Dollars ($10,000,000) in <br />anticipation of issuance of bonds and receipt of bond funds; and <br />WHEREAS, the Agency expects to issue debt to finance the costs of the <br />Project on a permanent basis (the "Debt "); and <br />WHEREAS, the Agency reasonably expects to reimburse MPA with the <br />proceeds of the Debt; and <br />WHEREAS, at the time of reimbursement, the Agency will evidence the <br />reimbursement in a writing which identifies the allocation of the proceeds of the Debt <br />to the Agency for the purpose of reimbursing the Agency for the capital expenditures <br />made prior to the issuance of the Debt; and <br />WHEREAS, the Agency expects to make the reimbursement allocation no later <br />than two (2) years after the later of (i) the date on which the earliest original <br />expenditure is paid and in no event later than four (4) years after the date on which <br />the earliest original expenditure is paid; and <br />WHEREAS, the Agency will not, within one (1) year of the reimbursement <br />allocation, use the proceeds of the Debt received in the reimbursement allocation in a <br />manner that will result in the creation of replacement proceeds of the Debt or another <br />issue (e.g., the Agency will not pledge or use the proceeds received for the payment <br />of debt service on the Debt of another issue, except that the proceeds of the Debt can <br />be deposited in a bona fide debt service fund); and <br />WHEREAS, this Resolution is intended to be a "declaration of official intent" <br />in accordance with Section 1.150 -2 of the Treasury Regulations. <br />
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